Best Thread Potential setups
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trader_dante
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Patw, that is correct: I don't use any indicators, moving averages or anything other than price and horizontal lines and from time to time, a fibonacci level.
As I've said before, you can use this on any timeframe but the one I am comfortable with is the 1hr and daily. People often ask me why not the 4hr or the Weekly? Why not indeed? Choose what you are comfortable with. I have the right balance for me.
1hr means I get enough setups to justify being at a prop firm and trading intraday. Daily means I can catch the bigger moves.
As I have said before, this will work on any timeframe but when you are new to the game, you will lose money if you try it on the 5m as it is so much harder. Learning this on the 5m or lower, is in my opinion, like doing a masters before a GCSE.
trader_dante
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I used to trade 80+ markets. Now I concentrate on 16. I watch these all day. In addition, sometimes I pull up a chart of a market I have not looked at for a long time or one that I have never looked at. All markets are the same to me. Once you can trade one you can trade them all. And when you look at a chart of them, they tell you a story immediately.
I am not bothered about how they are trending. Whether they are up or down or sideways makes no difference to me whatsoever. I look for patterns. Patterns that the buyers and sellers make in the course of following their human nature. Prices rise on fear and greed. They fall on that too. It leaves a footprint. Support breaks. In turn, it becomes resistance. And vice versa. Patterns like head and shoulders and triangles form. Price breaks one way. Price retests.
The market always gives you clues. It tips its hand as to what it is doing. You just have to know how to look at a chart...
You ask what market I recommend trading off of S/R lines only and I would reply: ANY AND EVERY MARKET.
I trade the Euro the exact same way as I trade Soybeans and the exact same way as I will trade Cotton, Government Bonds, Crude Oil, individual Shares and just about everything I can get a price quoted in.
trader_dante
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This market is going to 140000. I am telling you right now. There is 1000 pips to take out of this market. But you have to hit it in the right spot. I am sure you will, Omni. I trust you
This market is going to 140000. I am telling you right now. There is 1000 pips to take out of this market. But you have to hit it in the right spot. I am sure you will, Omni. I trust you
Am in from the breakout of 12600 and action of 12800's.
ps. Gbpjpy still giong down folks, hope someone followed me in the other day.
trader_dante
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Yep, nice trade. I think Gbp/Jpy should keep going down too. This would be a good spot for it to accelerate too as the decline has been measured so far -or at least it seems to me.
Cable is clearly going to take out the 135.00 low. We've had a few traders here trying to get long...big mistake.
grimweasel
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Nice one Omni - I took the usdyen short from the other day that I mentioned in the thread. It seems that the MACD / PA divergance is a really good indicator of weakness (on the higher TFs) and gives way to some nice trades.I used it in the gold short recently too. It's like Tom always said - wait and let the market come to you!
I'm still in this one using TD's excellent stop strategy of moving the stop down incrementaly using the high/low of the last bar that sits on a good SR/ Fib level - no stress, no need to fear, just nice relaxed trading!
Has anyone read the thread over on Forex Factory - can't recall the guys name but he just trades EurUsd (long only) and makes a killing - all he uses in Price, round number levels and trend lines. So simple he says that so many people overlook it and dismiss it when really it's all you need to make money. I believe he's up 800K in just over a year and a half (he does however, have a large starting balance and is therfore afforded great leverage!)
trader_dante
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Yep. Jacko. Good trader.
elitejets
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I followed you and also Wasp (thanks Wasp). Very happy with this one thanks Omni.
webinvester
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TD, according to your thread - Making Money Trading, you used to have 10,21,50 EMA on your charts.
Have you dispensed with these now or do you still use them from time to time?
Webinvester
advfntrader
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TD, why do you think cable will take out the Low ?
trader_dante
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Because a lot of people think it's made a bottom.
foredog
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back to that old thing of if it's in the press do the opposite.
Oil @$147 etc
:clap:
advfntrader
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well if it is a bottom its not a very good bounce so far...
Again dante thanks for taking the time to answer my questions
Gumping
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That's Jacko.
He doesn't trade long only any more tho
In fact, since the market has stopped trending so clearly, you can really see how he views the market and price action. He's still making money but alot of the methods you see in the thread are now on the sidelines.
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